The Indian fairness benchmarks resumed their downward journey after a day’s pause on the earlier session dragged by losses in banking and monetary companies shares. The benchmarks opened decrease and prolonged losses in midday offers on the again of intense promoting stress in banking heavyweights like HDFC Bank, ICICI Bank, IndusInd Bank and Axis Bank. The Sensex fell as a lot as 577 factors on the day’s lowest stage and Nifty touched an intraday low of 14,597.85. However, late shopping for in IT shares helped benchmarks get better from intraday lows.
The Sensex ended 87 factors decrease at 49,771 and Nifty 50 index declined 8 factors to settle at 14,736.
“Nifty failed to show resilience to stay above the level of 14,750. As of now, the short-term technical condition of the market shows that the expected range of the Nifty is likely to be between 14,410 and 14,900. While it is subject to further price action evolution, the Nifty is expected to gain momentum above 14,900. Traders are advised to refrain from building a fresh buying position until further decisive movement is seen,” Ashis Biswas, Head of Technical Research at CapitalVia Global Research informed NDTV.
